Foreign Trade Deficit Reaches USD 3 bln in 2006

Export growth increased by 13.2% yoy, accelerating from 6.4% yoy last year, to USD 45.9 bln in 2006 while imports grew by 25% yoy to USD 48.8 bln. This resulted in a foreign trade deficit of USD 3 bln, ~3% of GDP. Alexander Viktorov: Exports of goods grew 12.1% yoy to reach USD 38.4 bln driven by the revival of growth in metals (+40% yoy) and machinery (+17.1% yoy). At the same time, imports maintained high growth rates to increase by 24.6% yoy in 2006, supported by energy carriers (+16.8% yoy). The foreign trade deficit in goods totaled USD 6.7 bln. Foreign trade traditionally maintained its positive balance in trade services, reaching USD 3.7 bln in 2006.